First-Time Home Buyer Checklist, Newfoundland

Phase 1

Before you start looking

2 to 4 weeks before any showings

Pull your credit report. Get it free from Equifax or TransUnion. Confirm there are no surprises that would derail a mortgage approval.
Pay down high-interest debt. Lenders look at your total debt-service ratio. Paying off a credit card or two before applying improves both your rate and your approval ceiling.
Save your down payment + closing-cost buffer. As a working estimate: 5 to 20% down depending on price + roughly 1.5 to 2% of purchase price for closing costs. Your lender will run your real numbers.
Gather paperwork your lender will ask for: last two years of tax returns / notices of assessment, recent pay stubs, employment letter, bank statements showing your down payment savings, photo ID.
Make a "must-have" vs "nice-to-have" list. Bedrooms, parking, yard, neighbourhood, commute, schools. Be honest about which are deal-breakers.

Phase 2

Get pre-approved

1 to 3 days · talk to one or more lenders

Talk to a lender (your bank, a mortgage broker, or a credit union). Compare rates from at least two sources.
Get a written pre-approval letter. It states the maximum mortgage they'll lend and is usually valid 90 to 120 days.
Confirm your actual budget. Pre-approval isn't your real budget. Take the lower of what the lender will lend and what your monthly cashflow can comfortably handle.
Lock or float your rate. Ask your lender about rate-hold options, many will hold a quoted rate for the duration of the pre-approval.

Phase 3

Search and showings

2 weeks to 6 months, depending on inventory + criteria

Set up your search criteria with your REALTOR®. Price range, location, beds, baths, must-haves. They'll set you up with MLS alerts for matching listings.
Book first-pass showings. See 3 to 5 homes per outing. Take photos and notes, they'll blur together fast.
Review the comps for each shortlisted property. Your REALTOR® should send recent comparable sales before each viewing so you know if the asking price is fair.
Drive the neighbourhood at different times. Morning commute, evening, weekend. Listen for traffic, look at parking, check what the surrounding properties are like.
Don't rush. Most first-time buyers see 8 to 15 homes before making an offer. If something feels off, trust it.

Phase 4

Make an offer

1 to 3 days from "let's offer" to a signed agreement

Decide your offer strategy with your REALTOR®. Price, closing date, deposit amount, conditions to include. A CMA (Comparable Market Analysis) should anchor your number.
Include the right conditions: financing, home inspection, lawyer review. These give you legitimate exits if something doesn't check out.
Be ready for a counter-offer. Most negotiations involve at least one round of back-and-forth on price, closing date, or included items.
Pay the deposit within 24 to 48 hours of acceptance, usually a few thousand dollars by certified cheque or e-transfer, held in the listing brokerage's trust account.

Phase 5

Conditions period (due diligence)

5 to 14 days from accepted offer

Book the home inspection immediately. Typical NL cost is around $500 to 800, speak to your inspector for their exact quote based on home size.
Confirm financing with your lender. They'll need the accepted offer and property details to do the full underwriting.
Engage a real-estate lawyer. Legal fees typically run around 1.5% of the purchase price (the lawyer's fee plus disbursements), the largest single piece of your total closing costs. Every firm is different, so get quotes from two or three.
Review the inspection report carefully with your REALTOR®. Major items (foundation, roof, electrical, plumbing) may justify renegotiating, requesting repairs, or walking away. Minor stuff is normal.
Decide whether to remove conditions, renegotiate, or back out. You typically have until end-of-day on the condition-removal date written into your offer.

Phase 6

Between firm sale and closing

3 to 8 weeks of mostly waiting

Arrange home insurance. Mortgage lenders require proof of coverage on or before closing day. Get at least two quotes.
Sign final mortgage paperwork with your lender. They'll send the mortgage funds to your lawyer a day or two before closing.
Book your movers early, good ones get booked 4 to 6 weeks out, especially around month-ends.
Set up utility transfers (electricity, oil/gas, water, internet) for the closing date. Same with mail forwarding through Canada Post.
Do a final walkthrough 24 to 48 hours before closing. Confirm the property is in the same condition as when you accepted the offer and that any agreed inclusions are still there.

Phase 7

Closing day

The day you get the keys

Sign your closing documents at your lawyer's office. The full appointment is usually 30 to 45 minutes.
Pay any remaining closing costs to your lawyer (down payment balance, legal fees, land-transfer registration, property-tax adjustments).
Pick up your keys in the afternoon, typically after funds and title transfer between lawyers (mid-to-late afternoon is normal in NL).
Change the locks. Old keys are floating around with previous owners, contractors, neighbours. New deadbolts are cheap insurance.
Celebrate. You bought a house.

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Maxwell Midodzi · REALTOR® · eXp Realty · (709) 325-0545 · maxwellmidodzi.com
General information only — not legal, financial, or tax advice. Verify figures with your lender and lawyer. REALTOR®, MLS® and associated marks are trademarks of CREA.

First-time home buyer checklist, Newfoundland.